GM Works To Speed EV Development

General Motors Chairman and CEO Dan Akerson and Juno Cho, president and COO of LG Corp. signed an agreement Wednesday for GM and LG to cooperate on future electric vehicles. The companies will jointly design and engineer future electric vehicles, expanding a relationship built on LGÕs work as the battery cell supplier for the Chevrolet Volt and Opel Ampera extended-range EVs. (Photo by Jeffrey Sauger for General Motors)General Motors Chairman and CEO Dan Akerson and Juno Cho, president and COO of LG Corp

DETROIT – (WWJ) GM signing a deal with a battery supplier aimed at getting electric vehicles to market faster, and in greater numbers.

The deal is with LG Group, which makes the already makes batteries for the Chevy Volt. GM says this is the natural next step.

“Many solutions for tomorrow’s transportation needs may be available more quickly by building on our partnership strategy,” said GM Vice Chairman Steve Girsky, in a statement. ”Consumers benefit by getting the latest fuel-saving technology faster if we work with the best suppliers and we save time and money in the development process.”

Neither companies is giving any specifics on the products that could come out of the deal, and when the products may be on the road.

“This is a strategic development for LG and we fully support GM’s goal to lead the industry in the electrification of the automobile,” said Juno Cho, president and chief operating officer of LG Corp, in a statement.

This announcement comes shortly after the Obama administration announced an agreement with auto companies calling for a U.S. Corporate Average Fuel Economy (CAFE) of 54.5 mpg (23.2km/l) by the end of the 2025 model year. GM says electric vehicles are expected to play a major role in reaching the CAFE goal.

Developing electric vehicles is expensive, costing billions of dollars. That’s why many auto companies are looking for partners to help defray those costs.

Earlier this week, Ford and Toyota announced a partnership to develop the next generation of hybrid vehicles.